Finance

NEW DELHI: The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases. It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks. The cases ...

Check out which companies are making headlines after the bell: Shares of Merck fell more than 2 percent during after-hours trading following a pause in enrollment for two studies of Keytruda, its drug to treat multiple myeloma, due to an imbalance in patient deaths. Multiple myeloma is a cancer of plasma cells, the white blood cells responsible for producing antibodies. Merck said in a statement that the studies have been paused to "allow for additional information to be collected" to understand the multiple deaths. Science Applications International shares tanked more than 12 percent during extended trading after the company reported mixed results for its fiscal first-quarter. Science Applications reported earnings of $ 1.08 per share on revenue of $ 1.1 billion while Wall Street expected...

The domestic insurance sector is witnessing a flurry of M&A activity and ET NOW learns that a mega deal is brewing in one of India's youngest life insurance companies, IndiaFirst Life Insurance which is a three-way joint venture between Bank of Baroda, Andhra Bank and UK's leading risk,wealth and investment brand Legal & General group. According to two sources familiar with the proposed transaction who spoke on the condition of anonymity, the JV partners are currently exploring multiple strategic options which could include either a potential partial stake sale or even a potential exit based on the progress of the discussions. " They ( JV partners) are considering various strategic options, but no plans have been finalised as yet by them. As part of preliminary negotiations , ta...

Millions of baby boomers will have to take out money from their individual retirement accounts and 401(k) plans this year or face a 50 percent tax penalty. Known as required minimum distributions, these mandatory withdrawals can be a pain for older investors to figure out — and now some retirement account providers are working on strategies and services to help take the guesswork out of the process. Generally, you have to start taking withdrawals from your traditional IRA, SIMPLE IRA, SEP IRA or retirement plan accounts when you reach age 70½. If you are still working, some 401(k) plans allow you to defer RMDs from those plans until you retire.You catch a break on your first RMD, which you can defer until the following year. That means if you turn 70½ this year, you have until April 1, 201

Asking for a raise: Women vs. menWhen you're looking for a job -- obsessively scanning job boards, sending out applications -- and not hearing anything back, it can begin to feel like you're all alone. But a job coach says the reason you're not getting a response may be because your job search is too crowded. Employers aren't getting back to you because they are overwhelmed with applications. Maybe they already have an in-house candidate. In some cases the job advertised does not even exist, says Sharmeen Akbani Gangat, founder of TheHiddenJob.com. Stop spinning your wheels and take control of your job search, she says. "The hiring process is as tedious for the hiring manager as it is for the job seeker," says Akbani Gangat. "What they prefer doing is asking around instead of going thro...